LYNN — After quickly selling out the first three phases of a condominium project off Boston Street, the developer is planning seven more units.
Despite overlooking a car wash, a CVS Pharmacy, and a gritty roadway with lots of traffic, the 26 units on North Bend Street have been a hit with buyers.
“The condos are located in a place that offers easy access, walking distance to Dunkin’ Donuts, Planet Fitness, and Toomey’s Cleaners,” said Thomas McGovern, president of Lynnwood Development. “The people who have moved in have created a fantastic community.”
Birchwood Estates features 1,450-square-foot, three-level townhomes with two bedrooms, one-and-a-half baths, kitchens with granite counters, stainless steel appliances, hardwood floors, a fireplaced living room, and a garage.
“The living room is set in the back and the kitchen is in front, but the units are very quiet because of all the new insulation regulations,” McGovern said, “Buyers wanted a maintenance-free lifestyle in a great spot and that’s what we offered.”
Most of the 26 units have closed with prices from $289,000 to $329,000, according to the Essex County Registry of Deeds. The rest are expected to close over the next two months, according to Century 21 Hughes, the listing broker.
As a result of the success, McGovern’s firm recently paid $230,000 for a seven-room single-family home adjacent to the complex.
Christopher Brown, principal at American Realty Brokerage LLC in Danvers, was the broker for the transaction.
McGovern said he plans to demolish the home by the end of the year and use the parcel to build seven more units to be priced in the $350,000 range. The units are expected to be completed next summer.
David Hughes, the broker-owner of Century 21 Hughes, the agency which sold the first batch of condos and will list the next, said a handful of buyers have already inquired about the yet-to-be-built dwellings.
“When you look at neighboring communities like Chelsea and East Boston, condos are much more expensive,” he said. “Lots of buyers are being priced out and coming to Lynn.”
